LSI Investors Target $7B Merger's Bid-Blocking Provision

By Kat Greene (January 14, 2014, 5:50 PM EST) -- A pension fund invested in electronics company LSI Corp. is leading a group of shareholders in a suit filed Monday in Delaware chancery court contending the company's $6.6 billion merger with an electronic chipmaker gave them the shaft because of a contract that made outside bidding almost impossible.

In LSI's agreement to be purchased by chipmaker Avago Technologies Ltd., the company locked into what's called a "don't ask, don't waive" standstill provision, which disables other buyers from moving forward with other — potentially higher — bids, according to the suit.

The market's reaction alone was enough to indicate LSI didn't get...

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